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Competitor analysis is often the first place new businesses turn for market and keyword research.
However, many new businesses struggle to gain much value from competitor analysis because they often don’t track the correct variables or understand how to interpret their data.
Fortunately, visualizing competitive analysis results into readable charts, graphs, and maps offers marketers an easy way to learn more about their competitors and their business.
In this guide, I’ll walk you through the basic steps of creating a competitor map, and give you my favorite tricks to help you learn more in the process.
What Is Competitor Mapping?
Competitor mapping is a process of competitive market analysis used to visualize the relationship between two or more variables to help businesses uncover a competitive advantage.
For example, competitor mapping can be used when launching a new product or service to determine the relationship between the product’s price and perceived benefit.
Competitor maps can take several different forms, such as:
- Scatter graphs.
- Comparison charts.
- Bar graphs.
- Line graphs.
- Gannt charts.
- Pie charts.
Now that you have a general understanding of competitor mapping, let’s discuss the benefits of this strategy and how to leverage it to our advantage.
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